Goldman wins approval for Indian asset mgmt firm-paper

MUMBAI Oct 13 (Reuters) - Goldman Sachs (GS.N: Cotización) has won
approval from Indian authorities to establish an asset
management company in Asia's third-largest economy, the
Economic Times reported on Saturday.

The company will make an initial investment of $50 million,
out which $7.5 million will be made upfront and the remainder
will be invested over two years, the paper said.

It said the approval was granted by India's Foreign
Investment Promotion Board, a unit of the finance ministry.

Last year, Goldman Sachs ended a 10-year old joint venture
with local partner Kotak Mahindra and decided launch its own
operation.